Real Estate Trends in Vikhroli
Vikhroli is an eastern suburb in Mumbai. The central line of the Mumbai railway network divides the area into east and west zones. It has Powai to its west, Bhandup to its north and Ghatkopar to its southwest. It has access to Vashi in Navi Mumbai via the Vashi Bridge.
Connectivity and Accessibility
Vikhroli is almost a central area in Mumbai and is accessible by all parts of Mumbai. There are major highways that pass through this area which connect it to other cities. The Eastern Express Highway connects it to Vashi, Thane, Dadar and Chembur. The LBS Marg connects it to Bandra, Jogeshwari and other western suburbs. JVLR is an important arterial road that connects the eastern suburbs to the western suburbs and the Eastern Express Highway to the Western Express Highway.
Vikhroli railway station lies on the central line of Mumbai railway network. There is a proposed bridge between Kannamwar Nagar in Vikhroli and Kopar Khairane in Navi Mumbai over the Thane creek that would be the third bridge between Mumbai and Navi Mumbai. There are bus depots in Vikhroli. BEST buses start as well as pass via Vikhroli. The Mumbai International Airport is about 11 km away and can be reached in half an hour.
Vikhroli is close to the Kensington SEZ in Powai that can be reached within 20 minutes. The Andheri MIDC Industrial Estate is about 12 km away and can be reached via JVLR. Andheri SEEPZ is another business center, which is about 10.5 km away from Vikhroli and can be again accessed via JVLR. Bandra Kurla Complex is approximately 11 km away and can be accessed via LBS Marg.
Amenities
Vikhroli is a peaceful suburb in Mumbai and its eastern zone has some of the best residential areas in Mumbai. It has some good social amenities apart from being a peaceful area. Some of the educational institutions include Udyachal High School and St. Joseph High School. Hospitals include Godrej Memorial Hospital, Mahatma Phule Municipal Hospital Centre and Dr. Babasaheb Ambedkar Hospital. Parksite is well known for its multicultural neighbourhood. The only problem in this locality is its slum. There are quite a few playgrounds and gardens in Kannamwar Nagar and Tagore Nagar. There is also Soonabai Pirojsha Godrej Marine Ecology Centre (SPGMEC), which is a Mangrove Ecological Reserve.
Real Estate
There are many peaceful residential localities in Vikhroli such as Kannamwar Nagar, Tagore Nagar, Raj Legacy, Surya Nagar and Godrej Colony. Many developers are currently looking at developing these areas further. Several redevelopers are also looking at developing Parksite so that it can be slum free. Upcoming apartment projects are Raj Splendor by Raj builders and Godrej Platinum by Godrej group.
Vikhroli west is currently seeing a higher demand for residential properties than its eastern counterpart. Also, while Vikhroli west sees a higher demand for 2 BHK properties, Vikhroli east sees a higher demand for 1 BHK properties. The typical covered area in either of these zones for a 1 BHK apartment is between 580 – 750 sq-ft, while for a 2 BHK apartment, it is between 850 – 1,300 sq-ft and for a 3 BHK apartment, it is between 1,000 – 1,500 sq-ft.
Property Trends
The rent for a 1 BHK property in Vikhroli west ranges from Rs. 20,000 – 25,000 while the rent for a 2 BHK property is between Rs. 28,000 – 40,000. The rent for a 3 BHK property is in the proximity of Rs. 40,000. In Vikhroli east, the rent for a 1 BHK property ranges from Rs. 22,000 – 28,000. Few 1 BHK properties are also available for a rent as low as Rs. 8,000. The rent for a 2 BHK property is between Rs. 35,000 – 40,000. The rent for a 3 BHK property is approximately Rs. 55,000.
The last quarter hasn’t seen much fluctuation in terms of capital values of properties in either zone. While there was a minor dip in price per sq-ft in Vikhroli west and increase in Vikhroli east, the changes were negligible. Price per sq-ft for apartments in the western zone fell from an average of Rs. 14,350 – 14,150 while in the eastern zone; it increased from Rs. 12,200 – 12,300.
